Quince Therapeutics, Inc. (NASDAQ:QNCX) Receives Average Recommendation of “Reduce” from Brokerages

Quince Therapeutics, Inc. (NASDAQ:QNCX) has been assigned a consensus rating of “Reduce” from the seven brokerages that are covering the company, MarketBeat reports. Two equities research analysts have rated the stock with a sell recommendation and five have given a hold recommendation to the company. The average twelve-month target price among analysts that have issued a report on the stock in the last year is $65.00.

QNCX has been the topic of a number of analyst reports. Citigroup lowered Quince Therapeutics from a “market outperform” rating to a “market perform” rating in a research report on Friday, January 30th. D. Boral Capital lowered Quince Therapeutics from a “strong-buy” rating to a “hold” rating in a report on Friday, January 30th. Maxim Group lowered Quince Therapeutics from a “strong-buy” rating to a “hold” rating in a report on Friday, January 30th. Citizens Jmp lowered Quince Therapeutics from a “market outperform” rating to a “market perform” rating in a report on Friday, January 30th. Finally, Lucid Cap Mkts lowered Quince Therapeutics from a “strong-buy” rating to a “strong sell” rating in a report on Friday, January 30th.

Quince Therapeutics Stock Performance

Quince Therapeutics stock opened at $1.34 on Wednesday. Quince Therapeutics has a 52 week low of $0.80 and a 52 week high of $45.50. The stock has a fifty day moving average of $1.34 and a 200-day moving average of $16.44. The stock has a market capitalization of $21.84 million, a P/E ratio of -0.08 and a beta of 1.33.

Hedge Funds Weigh In On Quince Therapeutics

Several hedge funds have recently made changes to their positions in QNCX. Nantahala Capital Management LLC lifted its stake in Quince Therapeutics by 21.6% during the third quarter. Nantahala Capital Management LLC now owns 3,073,729 shares of the company’s stock worth $5,010,000 after purchasing an additional 545,427 shares during the last quarter. Adage Capital Partners GP L.L.C. purchased a new position in Quince Therapeutics during the 4th quarter valued at about $7,538,000. Vanguard Group Inc. grew its holdings in shares of Quince Therapeutics by 21.3% during the 3rd quarter. Vanguard Group Inc. now owns 1,763,387 shares of the company’s stock worth $2,874,000 after acquiring an additional 309,349 shares during the period. Millennium Management LLC grew its holdings in shares of Quince Therapeutics by 1,152.9% during the 3rd quarter. Millennium Management LLC now owns 1,386,776 shares of the company’s stock worth $2,260,000 after acquiring an additional 1,276,094 shares during the period. Finally, Almitas Capital LLC grew its holdings in shares of Quince Therapeutics by 88.0% during the 4th quarter. Almitas Capital LLC now owns 930,134 shares of the company’s stock worth $3,116,000 after acquiring an additional 435,356 shares during the period. 30.75% of the stock is currently owned by hedge funds and other institutional investors.

Quince Therapeutics Company Profile

Quince Therapeutics, Inc, a biopharmaceutical company, focuses on acquiring, developing, and commercializing therapeutics for patients with debilitating and rare diseases. The company's lead asset candidature comprises EryDex for the treatment of rare pediatric neurodegenerative disease, including A-T, an inherited autosomal recessive neurodegenerative and immunodeficiency disorder caused by mutations in ATM gene. Its AIDE technology platform, a drug/device combination platform that uses an automated process to encapsulate a drug into a patient's own red blood cells, as well as consists of an automated equipment the RCL, a sterile single-use consumable treatment kit comprising EryKit, Syringe Kit, drugs, and process solutions.